BMGT 355 Exam questions and verified correct answers
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Course
BMGT 355
Institution
BMGT 355
Marketing correct answer The process by which companies engage customers, build strong customer relationships, and create customer value to capture value in return
Aim of marketing correct answer Create value for customers to capture value in return
Two-fold goal of marketing correct answe...
BMGT 355 Exam Marketing correct answer The process by which companies engage customers, build strong customer relationships, and create customer value to capture value in return
Aim of marketing correct answer Create value for customers to capture value in return
Two-fold goal of marketing correct answer Attract new customers by promising superior value & to keep/grow current customers by delivering satisfaction
Marketing mix correct answer A set of marketing tools that work tg to engage customers, satisfy needs and build customer relationships -- only thing that a marketer can control
Marketing process correct answer Understand market & needs, design a customer value-driven marketing strategy, construct a marketing program, engage customers & capture value from customers
Five core customer and marketplace concepts correct answer Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Needs correct answer States of felt deprivation (physical)
Wants correct answer Form human needs & shaped by culture
Demands correct answer Wants backed by buying power
Market offerings correct answer Combo of products, services, info etc. offered to a market to satisfy a need or want (services and entities)
Marketing myopia correct answer Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Exchanges correct answer Obtaining a desired object by offering something in return
Market correct answer Set of actual and potential buyers of a product/service (share same needs and wants)
How to create profitable customer relationships correct answer Research, design market offerings, promote products, comm, services
Customer-managed relationships correct answer Customers connect with companies and with each other to help forge their own brand experiences
Is advertising the same as marketing? correct answer NO!
Marketing system correct answer Suppliers --> company or competitors --> market intermediaries --> final consumers
(arrows represent relationships that must be developed)
Marketing management correct answer The art and science of choosing target markets and building profitable relationships with them
Two questions within marketing management correct answer What customers are served & how can we
serve them best
Processes to select customers to serve correct answer Market segmentation and target marketing
Value proposition correct answer Set of benefits or values promised to be delivered to consumers to satisfy needs (ex. JetBlue puts "You Above All" by bringing "humanity back to travel"
How value propositions differ correct answer Different companies position themselves differently in the marketplace to give the customer something they can't get from anyone else
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